{"id":8202,"date":"2026-08-03T11:43:49","date_gmt":"2026-08-03T11:43:49","guid":{"rendered":"https:\/\/koshalsambada.in\/?p=8202"},"modified":"2026-08-03T11:43:49","modified_gmt":"2026-08-03T11:43:49","slug":"californias-hottest-luxury-homes-are-getting-cheaper-but-why","status":"publish","type":"post","link":"https:\/\/koshalsambada.in\/?p=8202","title":{"rendered":"California\u2019s hottest luxury homes are getting cheaper. But why? |"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div>\n<div class=\"e9jwa\">\n<div class=\"vdo_embedd\">\n<div class=\"GfdvZ\">\n<section class=\"_bIDB  clearfix id-r-component leadmedia undefined undefined  E9tg9 \" style=\"top:0px\">\n<div class=\"_bIDB\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"ypVvZ\">\n<div class=\"WGttI\"><img src=\"https:\/\/static.toiimg.com\/thumb\/msid-132825902,imgsize-151826,width-400,height-225,resizemode-4\/palm-springs-house.jpg\" alt=\"California\u2019s hottest luxury homes are getting cheaper. But why?\" title=\"(Representative image) Low mortgage rates and a greater scope for remote work during the pandemic had reportedly led to high demand for second homes and vacation properties.\u00a0\" decoding=\"async\" fetchpriority=\"high\"\/><\/div>\n<\/div>\n<\/div>\n<div class=\"Ta7d_ img_cptn\"><span title=\"(Representative image) Low mortgage rates and a greater scope for remote work during the pandemic had reportedly led to high demand for second homes and vacation properties.\u00a0\">(Representative image) Low mortgage rates and a greater scope for remote work during the pandemic had reportedly led to high demand for second homes and vacation properties.\u00a0<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n<p>For years, Palm Springs symbolised California&#8217;s red-hot luxury housing boom, with affluent buyers snapping up second homes and vacation properties at record prices. That frenzy, fuelled by pandemic-era remote work and ultra-low mortgage rates is now fading.<span class=\"id-r-component br\" data-pos=\"2\"\/>Housing prices are falling in California\u2019s most sought-after luxury markets, with two upscale homes in Palm Springs seeing price cuts up to $70,000, according to a recent report.<span class=\"id-r-component br\" data-pos=\"4\"\/>According to online property search marketplace Redfin, homes are typically taking 70 days to sell and, even then, for nearly three per cent below their asking price.<span class=\"id-r-component br\" data-pos=\"6\"\/>Only about 9.6% of homes are selling above the listed price, in a competitive region, once soaring with demand.<span class=\"id-r-component br\" data-pos=\"10\"\/>The New York Post reported that a recently built home reduced its asking price by $30,000, to $1.555 million.<span class=\"id-r-component br\" data-pos=\"12\"\/>A steeper reduction of $40,000 was seen in another Palm Springs luxury property, whose asking price fell to $1.598 million.<span class=\"id-r-component br\" data-pos=\"14\"\/>As per the New York Post, Palm Springs\u2019 housing market has begun to settle after a major boom caused by increased buying activity during the pandemic.<span class=\"id-r-component br\" data-pos=\"17\"\/>Low mortgage rates and a greater scope for remote work during the pandemic had reportedly led to high demand for second homes and vacation properties.<span class=\"id-r-component br\" data-pos=\"20\"\/>This caused the region\u2019s home prices to escalate quickly, leading to increasingly stronger competition among buyers.<span class=\"id-r-component br\" data-pos=\"22\"\/>At present, the market is showing signs of balance. According to estimates by Zillow, the average value of a home in Palm Springs is nearly $619,600, which is a decline of 1.7 per cent from the previous year. Today, homes take approximately 56 days to go under contract.<span class=\"id-r-component br\" data-pos=\"24\"\/>Additionally, the buying inventory has also grown, providing buyers with more options compared to what they had when the housing market peaked in the region.<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/real-estate\/news\/californias-hottest-luxury-homes-are-getting-cheaper-but-why\/articleshow\/132825510.cms\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Representative image) Low mortgage rates and a greater scope for remote work during the pandemic had reportedly led to high demand for second homes and vacation properties.\u00a0 For years, Palm Springs symbolised California&#8217;s red-hot luxury housing boom, with affluent buyers snapping up second homes and vacation properties at record prices. That frenzy, fuelled by pandemic-era [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-8202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-31"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","medium_large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","1536x1536":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","2048x2048":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-small":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-small-tall":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-small-square":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-small-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-medium":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-medium-masonry":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-large":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg","blogsy-wide":"https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg"},"magazineBlocksPostAuthor":{"name":"admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"(Representative image) Low mortgage rates and a greater scope for remote work during the pandemic had reportedly led to high demand for second homes and vacation properties.\u00a0 For years, Palm Springs symbolised California&#8217;s red-hot luxury housing boom, with affluent buyers snapping up second homes and vacation properties at record prices. That frenzy, fuelled by pandemic-era [&hellip;]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 \u0b2c\u0b3f\u0b26\u0b47\u0b36"],"magazineBlocksPostViewCount":1,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg",400,225,false],"medium":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg",300,169,false],"thumbnail":["https:\/\/koshalsambada.in\/wp-content\/uploads\/2026\/08\/palm-springs-house.jpg",150,84,false]},"magazine_blocks_author":{"display_name":"admin","author_link":"https:\/\/koshalsambada.in\/author\/admin"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/8709732a479614e7a8aa24d3eb1b239f30dc6d90c61464ed495001e7a469d856?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"#\" class=\"category-link category-link-31\">\u0b26\u0b47\u0b36 \u0b2c\u0b3f\u0b26\u0b47\u0b36<\/a>","_links":{"self":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts\/8202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8202"}],"version-history":[{"count":0,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/posts\/8202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=\/wp\/v2\/media\/8203"}],"wp:attachment":[{"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koshalsambada.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}